TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>DoubleVerify is a provider of advertising solutions to businesses that helps with ad verification, fraud prevention, and brand safety.</li>
<li>Profitable business model and reasonable valuation (12x forward sales) for its growth/margin profile that ranks well on the Rule of 40 metric.</li>
<li>Recent acquisition of OpenSlate looks synergistic as it expands DV's prebid offerings.</li>
</ul>


DoubleVerify is a provider of advertising solutions to businesses that helps with ad verification, fraud prevention, and brand safety.
Profitable business model and reasonable valuation (12x forward sales) for its growth/margin profile that ranks well on the Rule of 40 metric.
Recent acquisition of OpenSlate looks synergistic as it expands DV's prebid offerings.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  </li>
<li>Weibo is navigating macro and regulatory headwinds by delivering better than expected top-line growth, strong margins and cash generation. </li>
<li>While the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. </li>
</ul>



Weibo Corp (WB US) is offering 11 million shares to raise $471 million through an HKEx secondary listing. The primary/secondary spilt is 50:50 (Sina is the secondary seller).  
Weibo is navigating macro and regulatory headwinds by delivering better than expected top-line growth, strong margins and cash generation. 
While the near-term visibility remains limited, the valuation at last close is undemanding in comparison to historical P/E and PEG ratios. 


Weibo Secondary Listing: Braving Uncertainty

<ul>
<li>Roblox is early days in so many new TAMs: advertising, music, commerce, education.</li>
<li>The advertising opportunity is enormous, given the amount of hours spent on the platform, one can easily see Roblox building a $2B+ ad business.</li>
<li>Roblox is still early in building out the infrastructure to support many new forms of monetization, and they are doing so in a thoughtful fashion.</li>
</ul>


Roblox is early days in so many new TAMs: advertising, music, commerce, education.
The advertising opportunity is enormous, given the amount of hours spent on the platform, one can easily see Roblox building a $2B+ ad business.
Roblox is still early in building out the infrastructure to support many new forms of monetization, and they are doing so in a thoughtful fashion.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Microblogger <a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> - China's <a href="https://www.smartkarma.com/entities/twitter-inc" target="_blank" data-smartkarma-citation="entities:667:1" rel="noopener">Twitter Inc (TWTR US)</a> equivalent - has filed an application for a secondary listing of its Class A ordinary shares in Hong Kong</li>
<li>Recently privatised <a href="https://www.smartkarma.com/entities/sina-corp-china" target="_blank" data-smartkarma-citation="entities:22691:1" rel="noopener">SINA Corp (Class A) (SINA US)</a> controls 70.6% of the vote, with <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> a further 15.7%.</li>
<li>A Reuters article back in July flagged a possible take-private transaction for Weibo at US$90-$100/share.</li>
</ul>


Microblogger Weibo Corp (WB US) - China's Twitter Inc (TWTR US) equivalent - has filed an application for a secondary listing of its Class A ordinary shares in Hong Kong
Recently privatised SINA Corp (Class A) (SINA US) controls 70.6% of the vote, with Alibaba Group (9988 HK) a further 15.7%.
A Reuters article back in July flagged a possible take-private transaction for Weibo at US$90-$100/share.


Weibo (WB US) Files For Hong Kong Listing

China and US Equity Analyst

Roger Xie

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> reported stronger than expected quarter earnings driven by resilient ad revenue growth. Its 3Q21 revenue grew +30% year-over-year and monthly active users reached 573 million. </li>
<li>We applaud that <a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> quarter results under tougher regulatory environment (particularly from fandom-related products) and increasing ad impacts from Apple's new iOS IDFA policy. </li>
<li>Weibo estimates 4Q21 revenue to grow 15-20%, consistent with market expectation.  Weibo is traded at forward 15x consensus P/E, which is attractive for Weibo's scale and monetization potential. </li>
</ul>



Weibo Corp (WB US) reported stronger than expected quarter earnings driven by resilient ad revenue growth. Its 3Q21 revenue grew +30% year-over-year and monthly active users reached 573 million. 
We applaud that Weibo Corp (WB US) quarter results under tougher regulatory environment (particularly from fandom-related products) and increasing ad impacts from Apple's new iOS IDFA policy. 
Weibo estimates 4Q21 revenue to grow 15-20%, consistent with market expectation.  Weibo is traded at forward 15x consensus P/E, which is attractive for Weibo's scale and monetization potential. 


Weibo (WB US): Strong Quarter Amid Regulatory Crackdown

United States

Twitter, Inc. provides online social networking and microblogging service. The Company offers users the ability to follow other users activity, read, and post tweets. Twitter serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Twitter Inc (TWTR US)

Recent IPO Insights: DoubleVerify

DoubleVerify is a provider of advertising solutions to businesses that helps with ad verification, fraud prevention, and brand safety. Fast growing...

Aaron Gabin

Weibo Secondary Listing: Braving Uncertainty

Weibo is offering 11m shares through an HKEx secondary listing. While the near-term visibility remains limited, the valuation at last close is...

Arun George

Roblox Analyst Day: TAM Unlimited

We wrote about Roblox after its most recent earnings in early November and our general take was… great quarter, but was it really worth a 30%...

Aaron Gabin

Weibo (WB US) Files For Hong Kong Listing

At the time of the rumoured Offer for Weibo, Travis said he'd rather own this 10-15% lower than the current US$58.07/share price. That was...

David Blennerhassett

Weibo (WB US): Strong Quarter Amid Regulatory Crackdown

Weibo Corp (WB US) reported stronger than expected quarter earnings driven by resilient ad revenue growth. Its 3Q21 revenue grew +30% year-over...

Roger Xie

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)